$2.17 for Children or Grandchildren
What is Term Life Insurance?
Term life insurance is considered pure insurance protection, and as the original form of insurance, it doesn’t build cash value. The reason for developing this type of insurance was so that people on a limited budget could get thousands of dollars in protection. As a result, a term policy can provide people with the affordable security of knowing their family’s lifestyle and goals will not have to change in the event the insured person dies.
Since many people want insurance to replace income upon the death of the breadwinner, they want to have enough insurance to cover the outstanding balance on debts, pay future college tuition for children, and provide extra cash reserve protection during the child-raising years. However, not everyone can afford whole life insurance premiums. In fact, studies shows that over 25 percent of American households lack any member with life insurance.
Of the many different types of life insurance, a reasonable option is term life insurance, which provides coverage for a specific amount of time, known as the term. This type of insurance is generally regarded as the most affordable and cost-effective, offering pure protection. Consumers can purchase enough life insurance to meet their needs.
Term life insurance can be less expensive than a whole life or variable life insurance policy because the policy may expire without the company ever paying out any benefits. With term life insurance, if the insured dies during the policy term, the beneficiary would receive a death benefit equal to the face value of the policy. If the insured does not die during the policy term, the beneficiary would not receive anything, and the coverage simply ends. Also, some consumers prefer to invest the monetary premium difference in term life vs whole life or variable life in a tax-deferred investment of their own choosing.
In short, with term insurance, the consumer is paying for the peace of mind of having temporary insurance coverage for a relatively small initial premium.
You might also be interested in...
- 10 Signs You May Not Be Drinking Enough Water
- 8 Signs You May Not Be Getting Enough Magnesium
- About Life Insurance
- Do You Really Need Life Insurance?
- Does Divorce Spell The End Of A Happy Childhood
- Globe Life is A+ Rated
- Health Symptoms You Should Never Ignore
- History of Life Insurance
- Home Cough Remedies
- How High Should Your SPF Be
- How To Be Responsible About Life Insurance
- Is Eating Organic Really Safer?
- Is White Vinegar A Safe Cleaning Agent?
- Planning Your Family For An Emergency Evacuation
- The Difference Between Power Of Attorney And A Living Will
- Reconsider Getting a Life Insurance Policy
- Setting Goals For Your Employees
- Skills that Make Bosses Want to Hire You
- The Importance of Life Insurance
- The Importance of Term Life Insurance
- Is It Time To Review Your Life Insurance Policy?
- Tips On How To Prevent E.coli
- Too Busy to Stay Healthy?
- What Is COPD And How You Can Prevent It?
- What is Term Life Insurance?
- When Insurance Becomes an Investment
- Choosing Whole Life Vs Term Life Insurance
- Why You Should Look Into Term Life Insurance
- Making Your Home Senior-Friendly
- Is Whooping Cough Making A Comeback
- Unusual Tricks To Reduce The Risk Of Heart Disease
- The Best First Aid Kit Everyone Should Have
- Beware Of Dangerous Mold
- 5 Things You Should Know About Thyroid Health
- What Your Eyes Reveal About Your Health
- Everyday Things That Can Cause Memory Loss
- How To Discuss Life Insurance With Your Spouse
- Why That Cold Won’t Go Away
- 5 Ways To Keep A Healthy Smile
- How Dangerous Is Sugar?